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Stocks gain...Payday lending rules will stay...Zuckerberg meeting set

May 17, 2018

NEW YORK (AP) — Stocks are higher, having shaken off an early stumble, as investors weigh the latest batch of company earnings news. Energy and industrial companies climbed, offsetting losses in banks and real estate companies. The price of crude oil rose. Bond prices fell, pushing yields higher.

NEW YORK (AP) — The Wall Street Journal reports that Wells Fargo employees in its wholesale banking business allegedly improperly altered information on documents related to corporate customers. The bank is under multiple investigations, and recently was fined $1 billion by federal authorities for improper behavior in its home and auto lending divisions. The San Francisco bank says it can’t comment directly on regulatory matters but added that it takes swift action to correct any violations of its values.

NEW YORK (AP) — Tougher rules governing the payday lending industry, finalized during the final weeks of an Obama-era appointee who led the Consumer Financial Protection Bureau, will remain in place. This, after Congress allowed a deadline to overrule them pass. The rules require payday lenders to determine upfront the ability of potential borrowers to repay short-term loans of 45 days or less.

UNDATED (AP) — BJ’s Wholesale Club is going public. Again. BJ’s has announced that it filed a form S-1 with the U.S. Securities and Exchange Commission for an initial public offering. The company, which operates 215 wholesale membership warehouses on the East Coast, didn’t say how many shares it would offer or what the price range might be. The offering is expected this year.

LONDON (AP) — Facebook CEO Mark Zuckerberg will meet with leaders of the European parliament in a closed-door meeting next Tuesday about the data protection scandal that has engulfed his company. Even though his visit had been announced, it was left unclear exactly when Zuckerberg would visit the European Union legislature. Many in the European Parliament had been calling for a public hearing.

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